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Ethiopia : ETHIOPIAN AIRLINES inks MoU with ICBC

May 10, 2014

A Memorandum of Understanding was signed between Ethiopian Airlines and ICBC Financial Leasing Co., Ltd., during H.E. Chinese Premier Li Keqiang s state visit to Ethiopia.

As per the MOU, ICBC Leasing will be responsible to provide Ethiopian Airlines financial support for its fleet expansion plan, including but not limiting to B737 and B787 aircraft in the form of finance lease, sale and lease back, commercial loans or operating lease from ICBC Leasing s Boeing order.

This MOU comes as one of the largest financial cooperation in the aviation sector between the two countries.

Chief Executive Officer of ICBC Leasing, Mr. Cong Lin, said, We are delighted to work with Ethiopian Airlines-the top leading operator in the Africa, and to support its fleet expansion. The MOU marks a significant milestone between China s Lessors and African airlines, which will promote deep financial cooperation between China and Africa.

Chief Executive Officer of Ethiopian Airlines, Mr. Tewolde Gebremariam, said, We are pleased to have ICBC Leasing, a leading global leasing company, as a strategic partner. The cooperation with ICBC Leasing and its parent company ICBC Bank, the largest commercial bank in the world, will support our Vision 2025 fast, profitable and sustainable growth strategy. We look forward to a long-term and mutually beneficial partnership with ICBC.

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Source: TendersInfo (India)

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